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EUROPE
Denmark: Recovery set to continue but at a slower pace than previously
forecast *Sweden: Exports slowly taking over, domestic economy likely to cool a
bit * Norway: Slower growth, no recession, the oil sector is a drag but the
economy is robust * Finland: Reforms ahead, new government to increase growth
potential but tightening in the short term
A Strategy for Resolving
Europe's Problem Loans – IMF
Ttightened supervisory policies, insolvency reforms, and the development of
distressed debt markets.
Will the ECB expand
Quantitative Easing? – Open
Europe
Monetary policy lessons
from the financial crisis – ECB
Speech by Peter Praet, Member of the Executive Board of the ECB
UNITED STATES
Yellen: Inflation
Dynamics and Monetary Policy – FED
Yellen sticks to plan to
hike interest rates this year – WaPo
Yellen: Anticipates Raising
Fed Funds Rate this Year – Bill
McBride
Government Shutdown and
Debt Limit 2015, Q&A – Econmatters
A federal shutdown due to a funding lapse looks no less likely than it
did two weeks ago, and Goldman Sachs believes the probability is nearly 50%.
OTHER
*A wink and a nod later…
and the debt is monetized – FT
REGULARS
U.S. Stocks Drop in
Jittery Session
Markets Brace for More
Volatility Ahead of Yellen Speech
Morning MoneyBeat US – WSJ
Will Fed’s Yellen Soothe
Market Jitters?
Unwanted euro strength; the yields
stays low; will Norges Bank hold? * Bund again breaks through 0.6% * Notoriously
outspoken Nowotny manages to strengthen euro
The Chinese slowdown's
impact on neighbouring Japan was thrown into sharper focus overnight as new PPI
figures revealed that the rate of growth in Japanese manufacturing has stalled.
The VW fraud scandal, meanwhile, thunders on with increasing ferocity and may
well engulf the European car industry too.
Daily FX Comment – Marc
Chandler
Dollar Mostly Softer
Daily Shot – TF
Daily Press Summary – Open
Europe
EU leaders agree to
further aid but remain divided over border control * French Economy Minister:
UK plans can be coordinated with Eurozone in new EU treaty * Former Labour
policy chief: We need two categories of EU membership * ECJ legal opinion could
deal major blow EU-US data transfers * Draghi says “too early to judge” whether
further QE needed * Greek deputy transport minister resigns hours after
appointment * Merkel’s government accused of knowing VW was rigging emissions
test
Movement on migration —
Merkel’s car nightmare — Safe Harbor bombed
US Open – ZH
Stocks Tumble As
Emissions Scandal Spreads To BMW; NOK Plunges On Unexpected Norway Rate Cut
Frontrunning – ZH
EURUSD bounced modestly after its
recent precipitous drop as ECB president Draghi failed to wax as dovish as the
market expected, but the current lay of the land is mostly about strong G3
currencies versus just about everything else due to weak risk sentiment.
A sharp slide in the
Brazilian real and Brazil bonds has sparked fresh fears that a new debt crisis
could spill over from that major Latin American economy into other emerging
markets and from there to the rest of the globe.
FINNISH
Suomen
julkinen alijäämä pienentyy hitaasti * Norjan keskuspankki pitää ohjauskorkonsa
ennallaan * Draghi jarrutti lisäelvytys odotuksia * Euroalueen PMI putosi
hieman
Käteisen
kielto veisi turvan kriisitilanteissa –
Peter
Nyberg